Cameron Corporation purchased land for $155,000. Later in the year, the company sold a different piece of land with a book value of $68,000 for $78,000. How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Gain or loss on sale of land Cash received from sale of land $ Added to net income Cash paid for purchase of land Deducted from net income No effect Part of cash flows from financing activities Part of cash flows from investing activities

Cameron Corporation purchased land for $155,000. Later in the year, the company sold a different piece of land with a book value of $68,000 for $78,000. How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Gain or loss on sale of land Cash received from sale of land $ Added to net income Cash paid for purchase of land Deducted from net income No effect Part of cash flows from financing activities Part of cash flows from investing activities

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Description: Land Transactions on the Statement of Cash FlowsCameron Corporation purchased land for $155,000. Later in the year, the company sold a different piece of land with a book value of $68,000 for $78,000.How are the effects of these transactions reporte

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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